Global Overview of Payment Providers 2024
Despite being pegged by many as a challenging year, 2024 is opening a myriad of opportunities in the world of payments.
According to a recent update from the International Monetary Fund (IMF), global economic growth is expected to reach 3.1% in 2024 — illustrating a slight increase from the 3% growth the same source indicated for 2023, but still below the historical average of 3.8% recorded between 2000 and 2019. What is more, the IMF anticipates a decrease in global headline inflation to 5.8% in 2024, and to 4.4% in 2025. In a more reserved analysis made available by the World Bank in its Global Economic Prospects report, launched in January 2024, global growth is projected to reach 2.4%.
The constant evolution of the payments space
Seemingly undeterred by the less-than-ideal backdrop, the payments landscape is steadily evolving — being constantly shaped by factors such as consumer choice and industry-wide developments. As outlined in the latest FIS Global Payments Report, in 2023 alone, the global ecommerce market surpassed an estimated value of USD 6.1 trillion, showcasing considerable growth when compared to the rate of the global POS value. Moreover, in 2023, ecommece accounted for 14.4% of global commerce and is anticipated to surpass 17% by 2027. The continuous rise of ecommerce has been attributed to the shift towards digitalisation, in part made possible by mobile phone penetration, the growth of the marketplace and mobile platform models, and the impact of social media platforms on driving online sales.
A closer look at the current market size and the industry developments impacting the payments landscape points to a future rise in the global B2B payments market, which is anticipated to reach a total transaction value of USD 111 trillion by 2027. In 2024, the B2B sector is expected to go through a process of transformation, driven by the popularity of instant payment infrastructures such as FedNow, the increasing instances when artificial intelligence (AI) is being leveraged to combat fraud, as well as the adoption of multicurrency wallets that reduce the frictions commonly associated with currency exchange.
Although significantly smaller in market size when compared to the B2B sector, B2C payments continue to thrive in terms of convenience and accessibility, mainly as a result of the considerable efforts directed toward catering to customer demand.
Why does knowing ‘who is who’ in payments matter?
The payments industry is not only extremely dynamic but also highly competitive, which is why identifying ‘who is who’ is essential to staying ahead of the curve. Moreover, in the face of the current upheaval, more and more companies in the payments space have turned to forging strategic partnerships, a trend that is anticipated to further gain momentum in 2024, as key industry players are joining forces to better their position and offerings.
Now in its fifth edition, the Global Overview of Payment Providers Report has garnered a reputation for mapping the capabilities of top industry players and outlining their market position. With an educational undertone, the report also aims to bring together experts open to sharing insights that enable stakeholders to make informed, strategic decisions and forge the right industry connections.
Key insights, infographics, and the structure of the report
This latest edition of the Global Overview of Payment Providers Report opens with an informative research piece authored by Joel Van Arsdale, Managing Partner at Flagship Advisory Partners, on the key trends and players shaping the payments industry in 2024. The article sheds light on the new normal recently instituted within the payments industry — and dives into the most impactful areas of market development by exploring topics encompassing maturity in payment acceptance, the different stages of adoption of Embedded Finance, the acceleration of growth and scale in cross-border payments and payouts, as well as digital wallets and A2A payments. Moreover, the editorial goes into detail about the role that fintechs play in tackling fraud — and pinpoints how investors are reacting to the current changes in the payments landscape.
The second chapter of the report starts with a contribution from Edgar, Dunn & Company, authored by Volker Schloenvoigt and Euan Jones, who expertly analyse the shift in the M&A space by breaking down the newly emerged market movements, the main trends over the past 12 months, and the rising impact of external investments into AI in payments. The article concludes with a series of predictions for the remainder of 2024 that span market tendencies, the correlation between M&As and various geographies, as well as the impact of regulation.
Despite the current financial industry challenges, global fintech investments continued their rise. Iulia Mușat, Junior News Editor at The Paypers, offers an overview of the most relevant investments in Q4 2023 — and draws a series of insightful learning points regarding the main trends in the payments space.
In 2024, having a well-defined payment strategy is essential, especially considering the shifting nature of the ecommerce space and the recognised importance of optimising customer journeys. With this in mind, emerchantpay’s contribution to the report discusses five key factors to consider when crafting such a strategy, which can help businesses better manage the complexities of the space to stay competitive.
This part of the report also includes two in-house research pieces consisting of two infographics, one focusing on strategic mergers and acquisitions in the payments and fintech industry in Q3 and Q4 2023, and one detailing key investments in the payments industry in the same period.
Mapping and company profiles
As its name suggests, the main role of The Paypers’ Global Overview of Payment Providers 2024 — Key Players and Trends in B2B/B2C Ecommerce report is to map and delineate the capabilities of the top players in the payments industry. To offer our readers a good understanding of the features and services now being extended by key B2B and B2C commerce payment companies, The Paypers compiled a list of profiles that feature verified and detailed insights.
The mapping covers aspects such as their ability to offer local PSP acquiring or gateway services and the character of the companies based on the covered geographical regions (footprint, B2B payments offering, as well as payouts, and fraud prevention, among others). This mapping was compiled based on data from the company profiles featured in the report — aiming to make the information easy to understand and compare.
Without further ado, The Paypers invites you to read the Global Overview of Payment Providers 2024 — Key Players and Trends in B2B/B2C Ecommerce! This issue is designed to help you gain more insights into the capabilities of the leading companies in this space and stay up to date with innovations, emerging technologies, and trends in the payments industry. Enjoy your reading!
